ADB, India sign USD 350 million loan to expand metro rail network in Chennai
The Asian Development Bank (ADB) and the government of India have signed a USD 350-million loan to build new lines and improve the connectivity of the metro rail system in Chennai with the city’s existing public transport system.
Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, and Nilaya Mitash, Officer-in-Charge, India Resident Mission, ADB, have signed the agreement of the tranche 1 loan for the Chennai Metro Rail Investment Project. The tranche 1 loan is part of the USD 780 million multi-tranche financing facility (MFF) for the project approved by ADB on December 8, 2022, to develop three new metro lines in Chennai.
